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04.03.

2013

Company Analysis - Overview
Ticker:

JC Penney Co Inc

JCP UN

New York: JCP, Currency: USD

Currency:
Sector: Consumer Discretionary

Industry: Multiline Retail

Year:

Telephone
1-972-431-1000
Revenue (M)
Website
www.jcpenney.com
No of Employees
Address
6501 Legacy Drive Plano, TX 75024-3698 United States
Share Price Performance in USD
Price
17.69
1M Return
52 Week High
39.50
6M Return
52 Week Low
15.70
52 Wk Return
52 Wk Beta
1.21
YTD Return
Credit Ratings
Bloomberg
S&P
Moody's
Fitch

J.C. Penney Company, Inc., through a subsidiary, operates department stores in the
United States and Puerto Rico. The Company provides merchandise and services to
consumers through department stores, catalog departments, and the Internet.
JCPenney markets primarily family apparel, jewelry, shoes, accessories, and home
furnishings.

Benchmark:
S&P 500 INDEX (SPX)

12'985
#N/A N/A

Business Segments in USD
Department Stores

Sales (M)
12985

Geographic Segments in USD
United States

Sales (M)
12985

-8.5%
-31.9%
-54.3%
-10.2%

HY3
CCC+
B-

Date
Date
Date

1/10
19.9x
9.4x
5.4x
0.3x
1.2x
3.2%

1/11
19.3x
9.8x
6.1x
0.4x
1.4x
2.5%

1/12
59.2x
23.5x
10.9x
0.5x
2.2x
1.9%

1/13
0.3x
1.4x
2.0%

1/14E
0.3x
1.5x
0.0%

1/15E
16.4x
0.3x
1.6x
0.0%

1/16E
11.0x
0.3x
2.3x
0.0%

1/10
Gross Margin
39.4
EBITDA Margin
6.6
Operating Margin
3.8
Profit Margin
1.4
Return on Assets
2.0
Return on Equity
5.6
Leverage and Coverage Ratios
1/10
Current Ratio
2.0
Quick Ratio
0.9
EBIT/Interest
2.5
Tot Debt/Capital
0.4
Tot Debt/Equity
0.7
Eff Tax Rate %
38.2

1/11
39.2
7.6
4.7
2.2
3.0
7.6

1/12
36.0
5.6
2.6
-0.9
-1.2
-3.2

1/13
31.3
-3.6
-7.8
-7.6
-9.3
-27.4

1/14E
35.2
-0.6
-4.1
-3.1
-6.1
-16.2

1/15E
36.7
2.7
-1.0
-1.2
-3.9
-7.3

1/16E
36.4
3.8
0.5
-0.3
-3.1
-6.0

1/11
2.4
1.0
3.6
0.4
0.6
34.9

1/12
1.8
0.5
2.0
0.4
0.8
-

1/13
1.4
0.4
-4.5
0.5
0.9
-

28.02.2013
28.02.2013

Outlook
Outlook
Outlook

NEG
NEG
NEG

Valuation Ratios
P/E
EV/EBIT
EV/EBITDA
P/S
P/B
Div Yield
Profitability Ratios %

100%

Department Stores

Current Capitalization in USD
Common Shares Outstanding (M)
Market Capitalization (M)
Cash and ST Investments (M)
Total Debt (M)
Preferred Equity (M)
LT Investments in Affiliate Companies (M)
Investments (M)
Enterprise Value (M)

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

100%

United States

219.3
3881.2
930.0
2894.0
0.0
0.0
0.0
5845.2

Company Analysis - Analysts Ratings
JC Penney Co Inc

45

30

40

25

57%

30
62%

60%

60%
55%

55%
55%

40%

50%

5

20

0

10
29%

28%

26%

26%

29%

24%

25%

25%

20%

20%

nov.12

déc.12

15%

14%

janv.13

févr.13

0%

5
0

mars.12

avr.12

mai.12

juin.12

juil.12

Buy

août.12

Hold

sept.12

Sell

oct.12

Price

10

25

15
20%

15

Target Price

Date

Buy

Hold

Sell

Date

28-Feb-13
31-Jan-13
31-Dec-12
30-Nov-12
31-Oct-12
28-Sep-12
31-Aug-12
31-Jul-12
29-Jun-12
31-May-12
30-Apr-12
30-Mar-12

14%
15%
20%
20%
25%
25%
24%
29%
26%
26%
28%
29%

50%
55%
55%
55%
60%
60%
62%
57%
58%
58%
56%
53%

36%
30%
25%
25%
15%
15%
14%
14%
16%
16%
17%
18%

4-Mar-13
1-Mar-13
28-Feb-13
27-Feb-13
26-Feb-13
25-Feb-13
22-Feb-13
21-Feb-13
20-Feb-13
19-Feb-13
18-Feb-13
15-Feb-13
14-Feb-13
13-Feb-13
12-Feb-13
11-Feb-13
8-Feb-13
7-Feb-13
6-Feb-13
5-Feb-13
4-Feb-13
1-Feb-13
31-Jan-13
30-Jan-13
29-Jan-13
28-Jan-13
25-Jan-13
24-Jan-13
23-Jan-13
22-Jan-13

Price Target Price
17.69
17.69
17.57
21.16
21.02
21.51
22.47
21.55
20.19
19.61
19.80
19.80
19.94
19.61
19.27
19.53
19.28
19.50
19.38
19.81
19.34
19.88
20.33
20.63
21.01
19.22
19.35
19.12
18.35
18.73

18.00
18.00
18.00
18.25
18.40
18.40
18.47
18.47
18.47
18.47
18.47
18.47
18.71
18.56
18.94
18.94
18.94
18.94
18.94
18.94
20.06
20.06
20.05
20.05
20.05
20.05
20.05
20.05
20.05
20.05

Broker

Analyst

Gilford Securities
Morgan Stanley
Argus Research Corp
Robert W. Baird & Co
Macquarie
Buckingham Research Group
Oppenheimer & Co
S&P Capital IQ
Maxim Group LLC
Atlantic Equities LLP
Piper Jaffray
Telsey Advisory Group
Northcoast Research
Credit Suisse
JPMorgan
Barclays
Deutsche Bank
BMO Capital Markets
EVA Dimensions
Nomura

BERNARD SOSNICK
KIMBERLY GREENBERGER
CHRISTOPHER GRAJA
ERIKA K MASCHMEYER
LIZABETH DUNN
DAVID J GLICK
BRIAN NAGEL
JASON ASAEDA
RICK SNYDER
DANIELA NEDIALKOVA
ALEX J FUHRMAN
DANA TELSEY
JEFFERY STEIN
MICHAEL B EXSTEIN
MATTHEW BOSS
ROBERT S DRBUL
PAUL TRUSSELL
WAYNE HOOD
CRAIG STERLING
PAUL LEJUEZ

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Recommendation
sell
Underwt/Cautious
buy
neutral
neutral
neutral
outperform
hold
sell
neutral
neutral
no rating system
sell
underperform
neutral
equalweight
hold
market perform
underweight
neutral

Target
13.00
25.00
20.00
19.00
15.00
30.00
20.00
10.00
22.00
16.00
20.00
14.00
15.00
15.00
20.00
17.00
18.00
18.00

Nomura

58%

EVA Dimensions

58%

BMO Capital Markets

56%

Deutsche Bank

53%

Barclays

60%

20

JPMorgan

35

Credit Suisse

36%

Northcoast Research

80%

30%

Telsey Advisory Group

25%

Piper Jaffray

25%

Atlantic Equities LLP

15%

Maxim Group LLC

15%

S&P Capital IQ

14%

Oppenheimer & Co

14%

Buckingham Research Group

16%

Macquarie

16%

Robert W. Baird & Co

17%

Gilford Securities

18%

Brokers' Target Price
35

Argus Research Corp

50

100%

Morgan Stanley

Buy and Sell Recommendations vs Price and Target Price

Price

Broker Recommendation

Target price in USD

Date
1-Mar-13
28-Feb-13
28-Feb-13
28-Feb-13
28-Feb-13
28-Feb-13
28-Feb-13
28-Feb-13
28-Feb-13
28-Feb-13
28-Feb-13
28-Feb-13
28-Feb-13
27-Feb-13
27-Feb-13
27-Feb-13
15-Feb-13
7-Feb-13
15-Jan-13
13-Nov-12

04.03.2013

JC Penney Co Inc

Company Analysis - Ownership
Ownership Type

Ownership Statistics
Shares Outstanding (M)
Float
Short Interest (M)
Short Interest as % of Float
Days to Cover Shorts
Institutional Ownership
Retail Ownership
Insider Ownership

219.3
64.5%
59.7
42.24%
7.28
132.31%
-33.89%
1.58%

20%

79%

Institutional Ownership

Retail Ownership

Insider Ownership

Pricing data is in USD
Top 20 Owners:
Holder Name
PERSHING SQUARE CAPI
PERSHING SQUARE CAPI
VORNADO REALTY TRUST
DODGE & COX
STATE STREET
FMR LLC
BLACKROCK
WELLINGTON MANAGEMEN
HOTCHKIS & WILEY CAP
EVERCORE TRUST COMPA
J C PENNEY PROFIT SH
VANGUARD GROUP INC
UBS
GLENVIEW CAPITAL MAN
SASCO CAPITAL INCORP
DEUTSCHE BANK AG
HSBC HOLDINGS PLC
ORBIS HOLDINGS LIMIT
SUSQUEHANNA INTERNAT
DIMENSIONAL FUND ADV

Geographic Ownership

Geographic Ownership Distribution

1%

United States
Unknown Country
Switzerland
Britain
Germany
Canada
Bermuda
Others

82.73%
5.06%
3.11%
2.94%
1.75%
0.99%
0.87%
2.55%

Institutional Ownership Distribution
Investment Advisor
Hedge Fund Manager
Other
Pension Fund (Erisa)
Others

64.49%
19.21%
11.49%
1.97%
2.84%

3%
3%

2% 1% 1% 3%

5%

82%

United States

Unknown Country

Switzerland

Britain

Germany

Canada

Bermuda

Others

TOP 20 ALL

Position
39'075'771
39'075'771
23'400'000
20'225'200
17'912'237
15'837'049
14'568'513
13'954'793
13'877'917
11'948'829
11'699'816
9'378'824
9'131'960
7'299'112
6'418'093
5'179'819
4'548'097
2'718'408
2'211'294
2'180'139

Position Change
0
0
0
-91'350
-183'174
-2'098'177
0
11'139'515
4'899'442
-239'556
0
506'396
3'226'159
2'841'900
-80'520
125'546
1'002'775
-1'200'182
1'124'663
-6'281

Market Value
691'250'389
691'250'389
413'946'000
357'783'788
316'867'473
280'157'397
257'716'995
246'860'288
245'500'352
211'374'785
206'969'745
165'911'397
161'544'372
129'121'291
113'536'065
91'630'998
80'455'836
48'088'638
39'117'791
38'566'659

% of Ownership
17.81%
17.81%
10.67%
9.22%
8.16%
7.22%
6.64%
6.36%
6.33%
5.45%
5.33%
4.27%
4.16%
3.33%
2.93%
2.36%
2.07%
1.24%
1.01%
0.99%

Report Date

Holder Name

Position

Position Change

Market Value

% of Ownership

Report Date

ULLMAN III MYRON E
JOHNSON RONALD B
KRAMER MICHAEL W
TERUEL JAVIER G
DHILLON JANET L

927'101
883'330
872'405
158'869
143'794

-56'148

16'400'417
15'626'108
15'432'844
2'810'393
2'543'716

03.01.2013
31.12.2012
08.10.2012
31.12.2012
01.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012

Source
13D
13F
13D
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
13G
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
13F

26.01.2012
27.01.2012
05.12.2012
03.12.2012
18.05.2012

Form 4
Form 4
Form 4
Form 4
Form 4

Top 5 Insiders:

856
-4'277

0.42%
0.40%
0.40%
0.07%
0.07%

Source

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Country
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
n/a
UNITED STATES
UNITED STATES
UNITED STATES
GERMANY
BRITAIN
BERMUDA
UNITED STATES
UNITED STATES

Institutional Ownership
2%

3%

11%

19%

65%

Investment Advisor

Hedge Fund Manager

Pension Fund (Erisa)

Others

Other

Company Analysis - Financials I/IV
JC Penney Co Inc
Financial information is in USD (M)
Periodicity:

Fiscal Year

Equivalent Estimates
1/03

1/04

1/05

1/06

1/07

1/08

1/09

1/10

1/11

1/12

1/13

1/14E

1/15E

1/16E

32'347
22'573

17'786
11'166

18'096
11'107

18'781
11'405

19'903
12'078

19'860
12'189

18'486
11'571

17'556
10'646

17'759
10'799

17'260
11'042

12'985
8'919

12'665

13'169

13'808

Gross Income
- Selling, General & Admin Expenses
(Research & Dev Costs)

9'774
8'760

6'620
5'830

6'989
5'702

7'376
5'799

7'825
5'903

7'671
5'783

6'915
5'780

6'910
6'247
0

6'960
6'128
0

6'218
5'769
0

4'066
5'078
0

4'452

4'838

5'032

Operating Income
- Interest Expense
- Foreign Exchange Losses (Gains)
- Net Non-Operating Losses (Gains)

1'014
388
0
42

790
261

1'577
280
0
-147

1'922
270
0
-140

1'888
278
0
-113

1'135
268
0
-43

663
260
0
0

832
233
0
18

449
228
0
450

-1'012
226
0
298

-522

-138

67

-17

1'287
373
0
-91

Pretax Income
- Income Tax Expense

584
213

546
182

1'005
348

1'444
467

1'792
658

1'723
618

910
343

403
154

581
203

-229
-77

-1'536
-551

-673

-458

-299

Income Before XO Items
- Extraordinary Loss Net of Tax
- Minority Interests

371
-34
0

364
1'292

657
133
0

977
-111
0

1'134
-19
0

1'105
-6
0

567
-5
0

249
-2
0

378
-11
0

-152
0
0

-985
0
0

4.96

4.90

2.54

1.07

1.59

(0.70)

(4.49)

0.80
16.1

567
2.54
0.80
31.3

291
1.25
0.80
74.5

397
1.67
0.80
50.3

154
0.70
0.80

-766
(3.49)
0.40

-390
(2.29)
0.00

-155
(1.06)
0.00

-41
(0.15)
0.00

-74

357

530

Income Statement
Revenue
- Cost of Goods Sold

Diluted EPS Before XO Items

1.25

1.21

2.20

3.83

Net Income Adjusted*
EPS Adjusted
Dividends Per Share
Payout Ratio %

256
0.95
0.50
46.8

339
1.21
0.50
47.5

679
2.31
0.50
23.3

925
3.63
0.50
12.8

269
293

274
297

271
307

233
255

226
232

222
225

222
223

236
233

237
238

216
217

219
219

1'681

1'184

1'646

1'949

2'311

2'314

1'604

1'158

1'343

967

-469

Total Shares Outstanding
Diluted Shares Outstanding
EBITDA

0.72
14.6

*Net income excludes extraordinary gains and losses and one-time charges.

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Company Analysis - Financials II/IV
Periodicity:

1/03

1/04

1/05

1/06

1/07

1/08

1/09

1/10

1/11

1/12

1/13

Total Current Assets
+ Cash & Near Cash Items
+ Short Term Investments
+ Accounts & Notes Receivable
+ Inventories
+ Other Current Assets

8353
2'388
86
705
4'945
229

6513
2'907
87
233
3'156
130

8232
4'586
63
274
3'142
167

6702
2'951
65
270
3'210
206

6648
2'747

6751
2'471

6220
2'352

6652
3'011

6370
2'622

263
3'400
238

430
3'641
209

447
3'259
162

0
3'024
617

0
3'213
535

5081
1'507
0
0
2'916
658

3683
930
0
0
2'341
412

Total Long-Term Assets
+ Long Term Investments
Gross Fixed Assets
Accumulated Depreciation
+ Net Fixed Assets
+ Other Long Term Assets

9'514

11'787
5'637
2'122
3'515
8'272

5'759
0
5'845
2'097
3'748
2'011

6'025
0
6'277
2'115
4'162
1'863

7'558
0
7'178
2'219
4'959
2'599

5'791
0
7'806
2'439
5'367
424

5'929
0
8'058
2'701
5'357
572

6'672
0
8'085
2'854
5'231
1'441

6'343
0
8'141
2'965
5'176
1'167

6'098
0

8'154
3'253
4'901
4'613

5'895
0
5'607
2'032
3'575
2'320

Total Current Liabilities
+ Accounts Payable
+ Short Term Borrowings
+ Other Short Term Liabilities

4'159
3'791
288
80

3'754
2'551
260
943

3'297
1'143
459
1'695

2'762
1'171
21
1'570

3'492
1'366
434
1'692

3'338
1'472
203
1'663

2'794
1'194
0
1'600

3'249
1'226
393
1'630

2'647
1'133
0
1'514

2'756
1'022
231
1'503

2'583
1'162
26
1'395

Total Long Term Liabilities
+ Long Term Borrowings
+ Other Long Term Borrowings

7'338
4'940
2'398

9'121
5'114
4'007

5'974
3'464
2'510

5'692
3'444
2'248

4'893
3'010
1'883

5'659
3'505
2'154

5'062
3'505
1'557

4'554
2'999
1'555

4'935
3'099
1'836

4'658
2'871
1'787

4'027
2'868
1'159

11'497
333

12'875
304
3'531
1'590

8'454
0
0
3'479
528

8'385
0
0
3'542
746

8'997
0
0
3'564
1'748

7'856
0
0
3'610
545

7'803
0
0
3'985
793

7'582
0
0
4'043
1'417

7'414
0
0
3'807
203

6'610
0
0

3'423
2'614

9'271
0
0
4'176
680

6'370

5'425

4'856

4'007

4'288

5'312

4'155

4'778

5'460

4'010

3'171

17'867

18'300

14'127

12'461

12'673

14'309

12'011

12'581

13'042

11'424

9'781

22.44
12.04

18.69
18.54

17.92
17.76

17.20
17.20

18.97
18.97

23.93
23.93

18.72
18.72

20.25
20.25

23.04
23.04

18.57
18.57

14.46
14.46

1/14E

1/15E

1/16E

12.12

10.72

7.54

Balance Sheet

Total Liabilities
+ Long Preferred Equity
+ Minority Interest
+ Share Capital & APIC
+ Retained Earnings & Other Equity
Total Shareholders Equity
Total Liabilities & Equity
Book Value Per Share
Tangible Book Value Per Share

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

5'353
745

3'171

Company Analysis - Financials III/IV
Periodicity:

1/03

1/04

1/05

1/06

1/07

1/08

1/09

1/10

1/11

1/12

1/13

1/14E

1/15E

1/16E

405
667
76
181

-928
394
1'338
-56

524
359
-879
315

1'088
372
58
-99

1'153
389
-303
27

1'111
426
-69
-211

572
469
35
81

251
495
439
388

389
511
8
-316

-152
518
313
141

-985
543
-316
748

-409

-184

67

1'329

748

-658

-373

1'266
20
-772
0
0
-32

1'257
26
-1'243
0
0
-25

1'157
13
-969
0
0
-1

1'573
13
-600
0
0
0

592
14
-499
0
0
0

820
15
-634
0
0
-251

-10
526
-810
0
0
-9

-767

-700

120

1'419
0
-535
0
0
127

-775

38

319
0
-398
0
0
4'437

-620
-161
25

-253
-160
5
607
-450
52
-29

4'039
-150
0
0
-856
248
-1'901
-14

-408
-131
0
0
-474
205
-2'252
8

-784
-153
0
0
-21
174
-750
-1

-1'242
-174
0
980
-746
62
-400
-8

-957
-178
0
0
-203
5
0
-4

-587
-183
0
0
-113
4
0
-35

-485
-189
0
392
-693
10
0
-16

-870
-178
0
0
0
78
-900
-65

-293
-86
0
0
-250
71
0
-9

-1'041

25

-2'673

-2'644

-751

-286

-380

-327

-496

-1'065

-274

-332

520

1'685

-1'633

-269

-271

-180

659

-389

-1'115

-577

671

375

-79

884

494

14

188

973

93

186

-820

-639

-283

-216

917
-300
2.51

549
483
1.38

165
-1'251
-0.28

1'073
410
3.49

665
493
2.16

192
274
0.06

355
-2
0.85

1'134
873
4.19

245
-194
0.39

201
0.86

-544
-3.74

Cash Flows
Net Income
+ Depreciation & Amortization
+ Other Non-Cash Adjustments
+ Changes in Non-Cash Capital
Cash From Operating Activities
+ Disposal of Fixed Assets
+ Capital Expenditures
+ Increase in Investments
+ Decrease in Investments
+ Other Investing Activities
Cash From Investing Activities
+ Dividends Paid
+ Change in Short Term Borrowings
+ Increase in Long Term Borrowings
+ Decrease in Long Term Borrowings
+ Increase in Capital Stocks
+ Decrease in Capital Stocks
+ Other Financing Activities
Cash From Financing Activities
Net Changes in Cash
Free Cash Flow (CFO-CAPEX)
Free Cash Flow To Firm
Free Cash Flow To Equity
Free Cash Flow per Share

-939
30
-30
34

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Company Analysis - Financials IV/IV
Periodicity:

1/03

1/04

1/05

1/06

1/07

1/08

1/09

1/10

1/11

1/12

1/13

1/14E

1/15E

1/16E

Valuation Ratios
Price Earnings
EV to EBIT
EV to EBITDA
Price to Sales
Price to Book
Dividend Yield

15.5x
8.2x
4.9x
0.2x
0.9x
2.6%

21.6x
12.5x
8.3x
0.4x
1.4x
1.9%

18.3x
8.2x
6.4x
0.6x
2.3x
1.2%

15.5x
8.6x
7.0x
0.8x
3.3x
0.9%

17.5x
10.2x
8.5x
1.0x
4.4x
0.9%

10.2x
6.4x
5.2x
0.5x
2.0x
1.6%

6.8x
4.3x
3.0x
0.2x
0.9x
4.8%

19.9x
9.4x
5.4x
0.3x
1.2x
3.2%

19.3x
9.8x
6.1x
0.4x
1.4x
2.5%

59.2x
23.5x
10.9x
0.5x
2.2x
1.9%

0.3x
1.4x
2.0%

0.3x
1.5x
0.0%

16.4x
0.3x
1.6x
0.0%

11.0x
0.3x
2.3x
0.0%

Profitability Ratios
Gross Margin
EBITDA Margin
Operating Margin
Profit Margin
Return on Assets
Return on Equity

30.2%
5.2%
3.1%
1.3%
2.3%
6.4%

37.2%
6.7%
4.4%
-5.2%
-5.1%
-17.1%

38.6%
9.1%
7.1%
2.9%
3.2%
10.3%

39.3%
10.4%
8.4%
5.8%
8.2%
24.6%

39.3%
11.6%
9.7%
5.8%
9.2%
27.8%

38.6%
11.7%
9.5%
5.6%
8.2%
23.1%

37.4%
8.7%
6.1%
3.1%
4.3%
12.1%

39.4%
6.6%
3.8%
1.4%
2.0%
5.6%

39.2%
7.6%
4.7%
2.2%
3.0%
7.6%

36.0%
5.6%
2.6%
-0.9%
-1.2%
-3.2%

31.3%
-3.6%
-7.8%
-7.6%
-9.3%
-27.4%

35.2%
-0.6%
-4.1%
-3.1%
-6.1%
-16.2%

36.7%
2.7%
-1.0%
-1.2%
-3.9%
-7.3%

36.4%
3.8%
0.5%
-0.3%
-3.1%
-6.0%

Leverage & Coverage Ratios
Current Ratio
Quick Ratio
Interest Coverage Ratio (EBIT/I)
Tot Debt/Capital
Tot Debt/Equity

2.01
0.76
2.61
0.45
0.82

1.73
0.86
3.03
0.50
0.99

2.50
1.49
3.44
0.45
0.81

2.43
1.19
5.59
0.46
0.86

1.90
0.86
6.99
0.45
0.80

2.02
0.87
6.56
0.41
0.70

2.23
1.00
4.08
0.46
0.84

2.05
0.93
2.51
0.42
0.71

2.41
0.99
3.57
0.36
0.57

1.84
0.55
1.97
0.44
0.77

1.43
0.36
-4.48
0.48
0.91

Others
Asset Turnover
Accounts Receivable Turnover
Accounts Payable Turnover
Inventory Turnover

1.80
46.11
6.23
4.57

0.98
37.92
2.96
2.76

1.12
71.38
6.01
3.53

1.41
69.05
9.92
3.59

1.58
74.68
9.67
3.65

1.47
57.32
8.76
3.46

1.40
42.16
8.39
3.35

1.43
78.55
8.60
3.39

1.39

1.41

1.22

9.32
3.46

9.97
3.60

7.64
3.39

36.5%

33.3%

34.6%

32.3%

36.7%

35.9%

37.7%

38.2%

34.9%

Ratio Analysis

Effective Tax Rate

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Company Analysis - Peers Comparision
J.C. PENNEY CO
Latest Fiscal Year:

MACY'S INC

01/2013
39.72
08.03.2012
15.70
16.11.2012
1'768'894

01/2013
42.17
02.05.2012
32.31
12.07.2012
6'094'561

Current Price (3/dd/yy)

17.69

52-Week High % Change

-55.5%
12.7%
219.3

52-Week High
52-Week High Date
52-Week Low
52-Week Low Date
Daily Volume

52-Week Low % Change
Total Common Shares (M)

Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents

Enterprise Value
Total Revenue

EV/Total Revenue

EBITDA

EV/EBITDA

EPS

P/E

Revenue Growth
EBITDA Growth
EBITDA Margin

LFY
LTM
CY+1
CY+2
LFY
LTM
CY+1
CY+2
LFY
LTM
CY+1
CY+2
LFY
LTM
CY+1
CY+2
LFY
LTM
CY+1
CY+2
LFY
LTM
CY+1
CY+2
1 Year
5 Year
1 Year
5 Year
LTM
CY+1
CY+2

KOHLS CORP

NORDSTROM INC

TARGET CORP

WAL-MART
STORES

SAKS INC

01/2013
55.25
01.11.2012
41.35
03.01.2013
3'322'487

01/2013
58.44
30.08.2012
46.27
05.06.2012
2'316'529

01/2013
65.80
21.09.2012
54.68
17.05.2012
6'536'059

01/2013
77.60
16.10.2012
57.18
25.04.2012
8'902'516

01/2013
12.14
03.04.2012
9.24
13.11.2012
2'212'078

40.68

46.17

54.07

64.13

71.74

-3.5%
25.9%
387.7

-16.4%
11.7%
227.0

-7.5%
16.9%
207.6

-2.5%
17.3%
645.3

-7.6%
25.5%
3'340.0

SEARS HOLDINGS

COSTCO
WHOLESALE

01/2013
77.21
16.03.2012
38.40
28.12.2012
1'166'289

08/2012
104.35
01.02.2013
76.56
08.05.2012
1'790'052

11.28

44.36

101.42

-7.1%
22.1%
145.3

-42.5%
15.5%
106.4

-2.8%
32.5%
432.4

GAP INC/THE
01/2013
37.85
05.10.2012
24.17
05.03.2012
8'480'874

DILLARDS INC-A

TJX COS INC

ROSS STORES INC BON-TON STORES
01/2012
70.82
20.08.2012
52.01
27.12.2012
2'234'168

01/2012
14.99
12.09.2012
3.50
23.05.2012
95'386

BED BATH
&BEYOND

01/2013
89.42
15.02.2013
57.20
05.03.2012
581'586

01/2013
46.67
29.08.2012
36.68
06.03.2012
6'794'205

02/2012
75.84
19.06.2012
54.33
20.12.2012
2'483'694

33.87

80.27

44.98

58.13

10.73

56.93

-10.5%
40.1%
479.4

-10.2%
40.3%
47.8

-3.6%
22.6%
737.9

-17.9%
11.8%
226.9

-28.4%
206.6%
19.7

-24.9%
4.8%
235.5

3'881.2

15'771.6

10'619.6

10'651.8

41'383.1

239'611.6

1'639.0

4'719.9

44'182.3

16'237.9

3'783.1

32'801.8

12'927.0

215.7

12'873.9

2'894.0
930.0

6'930.0
1'836.0

4'553.0
537.0

3'131.0
1'285.0

17'648.0
784.0

54'136.0
5'395.0
7'781.0

359.6
80.4

3'120.0
609.0

1'382.0
157.0
4'854.0

1'246.0
1'510.0

624.0
124.1

774.6
2'047.8

150.0
650.5

883.4
14.3

1'759.6

5'845.2

20'865.6

14'635.6

12'497.8

58'247.1

291'361.6

1'918.2
Valuation

15'973.9

4'283.0

31'528.6

12'451.6

1'230.1

12'089.2

12'985.0
12'985.0
12'664.5
13'169.2
0.5x
0.5x
0.5x
0.4x
(469.0)
(469.0)
(74.0)
357.1
-13.5x
26.2x
16.5x
-3.49
-3.65
(2.29)
(1.06)
(24.8%)
(8.8%)
(16.0%)
(3.6%)
(0.6%)
2.7%

27'686.0
27'686.0
28'314.7
29'159.8
0.7x
0.7x
0.7x
0.7x
3'715.0
3'715.0
3'831.3
4'027.4
5.5x
5.5x
5.3x
4.9x
3.46
3.51
3.92
4.43
11.6x
11.6x
10.4x
9.2x
4.9%
1.9%
7.0%
1.9%
13.4%
13.5%
13.8%

19'279.0
19'280.0
19'495.4
19'893.1
0.8x
0.8x
0.7x
0.7x
2'723.0
2'722.0
2'732.1
2'828.2
5.3x
5.3x
5.1x
4.9x
4.17
4.20
4.38
4.91
11.0x
11.0x
10.6x
9.4x
2.5%
3.1%
(7.3%)
3.8%
14.1%
14.0%
14.2%

12'148.0
12'148.0
12'944.2
13'974.6
1.1x
1.1x
0.9x
0.8x
1'774.0
1'774.0
1'851.1
2'023.1
7.5x
7.5x
6.6x
5.8x
3.56
3.56
3.82
4.26
15.2x
15.2x
14.2x
12.7x
11.7%
7.7%
9.5%
3.9%
14.6%
14.3%
14.5%

73'301.0
73'301.0
75'452.9
80'606.4
0.8x
0.8x
0.7x
0.7x
7'352.0
7'353.0
7'458.0
8'258.4
7.7x
7.7x
7.4x
6.8x
4.76
4.56
4.72
5.56
14.1x
14.1x
13.6x
11.5x
4.9%
2.8%
(1.4%)
1.2%
10.0%
9.9%
10.2%

469'162.0
469'162.0
492'408.8
516'301.8
0.6x
0.6x
0.6x
0.6x
36'302.0
36'302.0
37'856.6
39'832.9
7.9x
7.9x
7.6x
7.2x
5.02
5.02
5.35
5.88
14.3x
14.3x
13.4x
12.2x
5.0%
3.6%
4.7%
5.1%
7.7%
7.7%
7.7%

91.3%
47.7%
9.690x
7.974x
-2.075x

114.5%
53.4%
1.865x
1.371x
8.803x

75.3%
42.9%
1.673x
1.475x
8.277x

163.7%
62.1%
1.765x
1.041x
11.088x

106.6%
51.6%
2.400x
2.293x
9.648x

70.9%
39.8%
1.491x
1.277x
16.127x

CCC+
28.02.2013
-

BBB
10.04.2012
Baa3
09.01.2012

BBB+
20.09.2007
Baa1
24.09.2007

A03.02.2011
Baa1
11.02.2011

A+
20.11.2007
A2
27.11.2007

AA
09.07.1999
Aa2
06.03.1996

3'147.6
3'147.6
3'230.9
3'379.3
0.6x
0.6x
0.6x
0.5x
271.1
271.1
277.1
305.6
6.8x
6.8x
6.8x
5.9x
0.46
0.43
0.44
0.52
26.2x
26.2x
25.7x
21.7x
4.4%
0.2%
(2.1%)
2.3%
8.6%
8.6%
9.0%

7'230.9

40'151.3

39'854.0
39'854.0
36'244.5
35'608.5
0.2x
0.2x
0.2x
0.2x
(146.0)
(146.0)
605.0
678.0
-51.9x
115.5x
11.8x
10.3x
-2.03
-2.54
(2.90)
(2.26)
(4.1%)
(4.1%)
(131.7%)
(0.4%)
1.7%
1.9%

99'137.0
101'224.0
106'397.7
115'492.0
0.4x
0.4x
0.4x
0.4x
3'667.0
3'774.0
4'101.7
4'480.8
10.5x
10.2x
10.6x
9.6x
3.89
4.12
4.50
5.01
24.6x
24.6x
22.5x
20.2x
11.5%
8.5%
11.0%
10.9%
3.7%
3.9%
3.9%

15'651.0
15'651.0
16'186.6
16'831.5
1.0x
1.0x
0.9x
0.9x
2'425.0
2'425.0
2'571.5
2'735.6
6.4x
6.4x
6.0x
5.4x
2.33
2.30
2.62
2.92
14.7x
14.7x
12.9x
11.6x
7.6%
0.5%
24.7%
5.4%
15.5%
15.9%
16.3%

6'751.6
6'748.9
6'817.3
6'960.0
0.7x
0.7x
0.7x
0.6x
800.1
799.9
842.0
793.0
5.7x
5.7x
5.4x
5.7x
6.36
6.33
7.10
7.85
12.7x
12.7x
11.3x
10.2x
5.5%
(0.3%)
17.5%
11.7%
11.9%
12.4%
11.4%

25'878.4
25'878.4
27'230.8
29'130.6
1.2x
1.2x
1.2x
1.1x
3'615.4
3'615.4
3'854.6
4'239.4
8.9x
8.9x
8.2x
7.4x
2.55
2.55
2.81
3.16
17.6x
17.6x
16.0x
14.2x
11.6%
7.6%
23.3%
13.9%
14.0%
14.2%
14.6%

8'608.3
9'358.3
9'697.2
10'304.3
1.5x
1.4x
1.3x
1.2x
1'223.4
1'382.2
1'473.6
1'594.6
10.7x
9.5x
8.4x
7.7x
2.86
3.31
3.53
3.88
17.6x
17.6x
16.5x
15.0x
9.4%
9.1%
14.6%
19.7%
14.8%
15.2%
15.5%

2'953.5
2'953.9
2'985.0
3'004.0
0.4x
0.4x
0.4x
0.4x
165.4
147.5
165.7
192.7
7.6x
8.5x
6.9x
5.8x
-1.02
-1.40
(0.43)
0.47
22.9x
(3.1%)
(3.2%)
(30.8%)
(10.3%)
5.0%
5.5%
6.4%

9'499.9
10'245.4
10'909.9
11'629.9
1.3x
1.3x
1.1x
1.0x
1'752.2
1'782.2
1'846.4
1'966.6
7.3x
7.2x
6.4x
5.8x
4.06
4.38
4.56
5.06
13.0x
13.0x
12.5x
11.3x
8.5%
8.7%
19.0%
11.4%
17.4%
16.9%
16.9%

98.4%
49.6%
44.000x
37.165x
-0.547x

11.2%
9.9%
0.365x
-1.112x
34.924x

43.1%
30.1%
0.514x
-0.109x
29.938x

31.7%
24.1%
0.780x
0.625x
11.496x

21.1%
17.4%
0.214x
-0.352x
123.922x

10.0%
9.1%
0.109x
-0.344x
113.044x

671.2%
87.0%
6.934x
6.879x
1.835x

0.0%
0.0%
0.000x
-0.440x
-

CCC+
05.01.2012
-

A+
28.11.2012
A1
26.03.2012

BB+
17.11.2006
Baa3
07.04.2011

BB
14.03.2012
B1
22.06.2012

A
18.09.2002
A3
17.09.1998

BBB+
08.06.2011
-

B10.01.2012
Caa3
05.06.2012

BBB+
30.06.2011
-

Leverage/Coverage Ratios
Total Debt / Equity %
Total Debt / Capital %
Total Debt / EBITDA
Net Debt / EBITDA
EBITDA / Int. Expense

31.3%
23.8%
1.327x
1.030x
7.290x

Credit Ratings
S&P LT Credit Rating
S&P LT Credit Rating Date
Moody's LT Credit Rating
Moody's LT Credit Rating Date

BB
18.08.2011
B1
19.01.2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |